Trump kicked off prestigious Forbes 400 list

Written by Henrik Rothen

Oct.05 - 2023 8:38 AM CET

Photo: Shutterstock.com
Photo: Shutterstock.com
Trump kicked off prestigious Forbes 400 list.

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Donald Trump has been removed from the Forbes 400 list, a prestigious ranking of America's wealthiest individuals. According to Forbes, Trump's net worth has decreased by nearly $600 million over the past year.

Interestingly, his removal from the list is not related to the ongoing lawsuit where Trump is accused of exaggerating his wealth. Instead, Forbes states that the reason is tied to social media.

The Fall of truth social

After being banned from Twitter following the January 6th Capitol riots, Trump launched his own social media platform, Truth Social, later that year.

He expected a significant portion of Americans to join him on the new platform, but that never happened. Forbes reports that Truth Social has around 6.5 million users today, which is only about 1% of Twitter's user base. Consequently, Trump's 90% ownership stake in the company has plummeted in value from approximately $720 million to less than $100 million.

Declining real estate value

Additionally, the value of several of Trump's office buildings has decreased as major leases are set to expire in 2026.

This is not the first time Trump has been off the Forbes 400 list. He first made it onto the list in 1982 under false pretenses, claiming to own a larger share of his father's fortune than he actually did.

He remained on the list without interruption from 1996 to 2021, until the consequences of the COVID-19 pandemic and his polarizing presidency caught up with him. With the launch of Truth Social, he re-entered the list at 343rd place but has now been removed again.

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